Introducing the Condominium Management Services Act, 2015 — Part 6: Transparency and Accountability
Though most condo management firms carry on honourable businesses that well-serve their clients (often under the direct leadership of their top brass who are personally involved in the operations and take ownership of problems), some firms demonstrate little or no commitment to accountability and transparency, whether in their operations or their ownership structure. The CMSA throws open the curtains by requiring condo management providers to disclose significant information about themselves, their backers and to put forth a specific individual with whom the buck stops. Read the article………..
Many declarations contain a clause that requires the owners to indemnify the corporation for a loss, cost, damage or injury
In a recent case, YCC No. 922 v. Lu, the owners of a condominium unit were ordered by the Ontario